Storm Aline, which hit the peninsula, comes with good news for consumers. Average electricity price drops for regulated tariff customers Friday, October 20, 65.9% compared to this Thursdayup to 23.12 euros per megawatt hour (MWh). Strong winds and rainstorms hitting Spain are causing the average electricity price to drop to its lowest level since mid-April.
Depending on the time zones, the maximum price of 74.99 Euro/MWh will be recorded between 8 pm and 9 pm. The minimum price will be 1.64 euro/MWh between 16.00-17.00.According to data from the Iberian Energy Market Operator (OMIE).
What you need to do to see a lower price Go back to April 15, when the price reached 21.77 euros per megawatt hour (MWh). Thus, electricity will record a total of 14 hours this Friday at prices below 10 euro/MWh, and there will be no hour during the day when it exceeds 100 euro/MWh.
The arrival of storms in the second half of October leads to an increase in daily wind energy production, which is expected to be above average at 266 GWh, which reduces the activity of gas combined cycles, relieving prices.
Price fluctuation in October
The drop comes after the start of the month saw a severe drought and lack of wind reduce production from renewable sources, the cheapest of which, and a rise in gas prices following new violence in the Middle East and strikes at utilities. Australian gas companies claim sabotage of Baltic oil pipeline and Separation of Vandellós II and Cofrentes nuclear power plants.
The price of gas in the Iberian Gas Market (Mibgas) is valid for tomorrow, Friday. 42.72 Euro/MWh, 0.6% less than today, well below 62.8 Euro This will need to be exceeded for the gas cap, a mechanism used by the government to try to control the price of electricity, to come into effect.
So far this month, the price of electricity in the wholesale market (the price charged to consumers who contract at the regulated rate) has been at an average level. 105.57 euro/MWh, below 163 euros where it closed in October 2022Although it is above last September’s level of 103.62.
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Electricity throughout 2023 is cheaper than in 2022, when the Ukrainian occupation began. This caused an increase in energy prices, causing the average to rise to 230.2 euro/MWh. Moreover, The wholesale price of electricity will be 256 percent cheaper tomorrow Compared to 85.36 Euro/MWh on the same day in 2022.
The average daily price in the UK is 73 pounds/MWh (about 84 euros/MWh at the current exchange rate); 86.1 Euro/MWh in France; 87.2 euro/MWh in Germany; In Italy it is 138 euro/MWh.